CELEBRATION, Fla., Oct. 27, 2009 (GLOBE NEWSWIRE) -- International Power Group, Ltd. (Pink Sheets:IPWG), a leading provider of waste to energy solutions, including waste to energy development and waste to energy technologies, announced that on October 27, 2009 the Company, through its counsel, and on behalf of its shareholders, filed a demand for hearing before the Depository Trust Company ("DTC") pursuant to its administrative rule R. 22. IPWG has taken this action to address what it believes is a wrongful and undeserved "chill" of the trading of its public stock by DTC.
IPWG's CEO, John Benvengo stated, "IPWG believes that the DTC chill is damaging the market of IPWG's stock, therefore, we have been forced to take this action to protect our shareholders who utilize DTC to transact their trades of our security."
Further, IPWG Announced that on October 14, 2009, it held its Shareholder Meeting, at which a quorum was reached and a majority vote of shareholders was certified for the following issues:
* The following eight (8) board of directors were elected: Daniel
Conte; John Benvengo; Jose Garcia; Jerry Pane; Howard Schechter;
Sheldon Baer; Robert Astore; and Georgy Grechko;
* The appointment of Robert Jeffrey, CPA as the independent
accountants of the Company for the fiscal year ending December
31, 2010 was ratified;
* The 2009 Stock Incentive Plan was adopted and approved;
* A change of Corporation's State of Incorporation from Delaware
to Nevada was approved;
* The Corporation's name change from IPWG, Limited to IPWG,
Incorporated was approved; and
* Ratification and approval of the increase in the number of the
authorized common shares, as well as the increase in the number
of shares that are designated as preferred shares.
* A copy of the certified shareholder count for each proxy item
is available for inspection by all shareholders. Further, after
the conclusion of the formal meeting and vote of shareholders,
IPWG's CEO, John Benvengo, delivered an operational update that
outlined, among other things, the following items:
* IPWG, in an effort to conserve capital resources and relieve it
of the costs and burdens of reporting, last May chose to file for
relief from these mandates for the time being. IPWG is now
working to complete its audits and financial statements to become
a fully reporting entity for the benefit of all its shareholders
and the public market.
* IPWG has repositioned and restructured itself to be a leader in
the Green Energy sector. IPWG efforts in this regard have
allowed it to move forward despite the economic challenges of
today's business environment. Working with its outside
consultants and advisors, IPWG has created operating divisions
for better management and definition of our business to financial
partners and the business world in general. In September 2009,
IPWG completed operational restructuring, creating two operating
divisions: (1) IPWG Green Development and (2) IPWG Green
Technology. IPWG Green Energy Development will focus exclusively
on the development of Waste to Energy ("WTE") power plants
throughout the world, and execute on the WTE opportunities that
IPWG has successfully procured in the past. Through its new Green
Technology Division, IPWG has created a plan of action to acquire
other "green technologies" in the market to merge into its Green
Technology division and is currently reviewing "green"
technologies for acquisition. This is in addition to the Add
Power technology which is now part of this operating division.
* IPWG has begun planning a new business division that compliments
IPWG's newly created operating divisions. This division will
manage the Carbon Credits we expect to be created by our Green
Development division. This subsidiary will house and market
Carbon Credits created by IPWG's WTE development projects and
implementation of Green Energy Technologies.
About International Power Group, Ltd.
International Power Group, Ltd., is a leader in the development and implementation of new cutting-edge technologies that maximize recycling values while providing environmentally safe disposal of solid waste and hazardous materials. Through the application of these new technologies, solid wastes and hazardous materials can be minimized to their maximum extent while producing significant secondary benefits such as clean energy and clean water. Founded in 2004, IPWG is a publicly traded company, listed on the Pinksheets.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include statements regarding the expectation of housing and marketing carbon credits. All forward-looking statements in this press release are made as of the date of this press release, and the company assumes no obligation to update these forward-looking statements other than as required by law. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included the company's previous filings with the Securities and Exchange Commission.